Colorado Goldfields Inc. - Reaffirms November 2008 ALERT: Gold Discovery Breakthrough With State-of-the-Art NITON XRF

LAKEWOOD, CO, Apr 20 (MARKET WIRE) --
Due to the Company's change in ticker symbol, Colorado Goldfields Inc.
(OTCBB: CGFIA) is reaffirming its November 11, 2008 results of NITON XRF
analyses of select interval core samples from the Company's Gold King
Mine property. The results of the NITON XRF analysis confirm that
mineralization from Gold King B Vein contains gold grades ranging from
.28-3.39 oz/ton, and silver grades of 1.46 - 30.97 oz/ton.

As part of the 2008 drill program, the Company completed 3,459' (1,054m)
of core drilling in three drill holes. These particular diamond drill
holes were positioned to test for NE-SW trending veins continuing from the
property's Gold King-Davis vein system. As anticipated, these drill holes
successfully intercepted multiple parallel veins throughout the length of
the drilling. While several veins are interpreted as being continuous
mineralized structures with potential, the 'B' Vein Zone demonstrated
significant mineralization with an estimated true width of 12-13 feet and
continuity.

"The 'B' Vein Zone was encountered in hole CG08-01 at a depth of 635 feet,
expressing two strong quartz sulfide veins that are approximately 30 feet
apart. Step-out holes to the northeast and to the southwest intercepted
the 'B' Vein at 615 ft. and 680 ft., respectively. All three intercepts
indicated that this is a strong, well-mineralized, and continuous
structure, and as we anticipated and now demonstrated via the NITON XRF
Analyzer, we have indeed established the presence of gold and silver in
the Gold King Mine Extension -- that's very exciting," said Project
Geologist Jonathan Moore.

While awaiting the completion of the entirety of assay results, being
provided by Skyline Laboratories in Tucson, Arizona, Company management
requested XRF analysis in order to obtain early indicative analyses of
precious metal content. Management chose the Thermo Scientific NITON(R)
XL3t handheld Analyzer because of its superior capabilities. While
attending the testing at the Company's location in Silverton, Colorado,
Stephen Guyer, the Company's Chief Financial Officer declared, "We are
most gratified to confirm there is gold in the Gold King property."

"The use of handheld XRF units, such as the Niton XL3t Analyzer within the
mining industry has been demonstrated worldwide as a statistically
reliable technology for field geologists and other technical personnel to
acquire accurate results, instantly and efficiently. Personally observing
the Niton XL3t Analyzer doing its job was inspiring and will greatly
accelerate our ability to create measureable and confirmable results,"
said Guyer.

Results from the Niton XL3t Analyzer testing performed on the Gold King
Mine Extension mineralized segments of the 'B' Vein over a 2.4 ft. drill
width are set forth below:

Hole ID Depth (ft) Au (ppm) Ag (ppm) Cu (%) Pb (%) Zn (%)
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 639.2 114.34 155 1.04 0.4 6.3
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 639.6 116.13 1,062 1.45 2.0 23.1
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 639.8 43.14 50.18 0.35 1.3 36.6
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 640.4 64.92 72.49 0.70 1.19 5.8
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 640.5 69.76 472 0.84 0.81 90.2
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 640.9 69.00 58.33 0.42 0.94 47
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 641.2 61.61 54.37 0.43 1.76 21.7
-------------- ---------- --------- --------- --------- --------- ---------
CG08-01 641.6 78.46 63.8 0.36 3.07 12.8
-------------- ---------- --------- --------- --------- --------- ---------

Source: Colorado Goldfields Inc. field testing, November 7, 2008,
Silverton, Colorado using Thermo Scientific NITON(R) XLt x-ray
fluorescence
(XRF).

-- Results are reported in parts per million. To convert parts per
million to troy ounces per short ton, divide by 34.2857
-- Sample analyses were performed on whole rock drill core with no prep
-- Analysis duration was 120 seconds

Qualified person:

One of the qualified persons responsible for overseeing and reviewing the
technical data is Lee R. Rice, President and CEO of Colorado Goldfields
Inc., and Registered Professional Engineer in Colorado. The technical
information prepared for disclosure in this news release has been read and
approved by Mr. Rice.

About the NITON XL3t Series analyzers:

Featuring a high-performance thermoelectrically cooled detector, 80 MHz
real-time digital signal processing, and dual state-of-the-art embedded
processors for computation, data storage, communication and other
functions, the XL3t incorporates many new features directly benefiting the
customer. XL3t instruments can be used for many nondestructive testing
applications, including analysis of metal alloys, screening of electronics
and consumer goods for prohibited substances, mining exploration and grade
control, and more. The Thermo Scientific NITON XL3t 800 Series is the
definitive tool for Positive Material Identification (PMI).

About Colorado Goldfields Inc.

Colorado Goldfields Inc. (OTCBB: CGFIA) (http://www.cologold.com) is a
Denver-based junior exploration and mining company primarily exploring for
gold and silver. Our seasoned management team targets historic gold camps
with strong potential for multiple deposit discoveries. Currently, our
business model in Colorado provides an outstanding combination of former
producing properties with excellent exploration and production potential
and a currently inactive, modern, up to 700 ton per day capacity mill
facility to allow for an attractive short-term production time frame. We
expect that this strategic plan will allow Colorado Goldfields to reach
its goal of profitability, potentially within the next 18 months.

The Company has made available a current CGFIA Fact Sheet in PDF format at
http://www.cologold.com/uploads/CGFIFactSheet.pdf.

Notice regarding forward-looking statements

This news release may contain forward-looking statements or information
within the meaning of the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements or information includes
statements regarding the expectations and beliefs of management.
Forward-looking statements or information include, but are not limited
to, statements or information with respect to known or unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied
by such forward-looking statements or information. Forward-looking
statements or information are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from
those reflected in the forward-looking statements or information,
including, without limitation, risks and uncertainties relating to
obtaining financing to meet the Company's exploration program and
operating costs during its exploratory stage, the interpretation of
exploration results and the estimation of mineral resources and reserves,
the geology, grade and continuity of mineral deposits, the possibility
that future exploration, development or mining results will not be
consistent with the Company's expectations, accidents, equipment
breakdowns, title matters, or other unanticipated difficulties with or
interruptions in production and operations, the potential for delays in
exploration or development activities or the completion of feasibility
studies, the inherent uncertainty of production and cost estimates and
the potential for unexpected costs and expenses, commodity price
fluctuations, currency fluctuations, regulatory restrictions, including
the inability to obtain mining permits and environmental regulatory
restrictions and liability, the speculative nature of mineral
exploration, dilution, competition, loss of key employees, and other
risks and uncertainties, including those described under "Risk Factors"
in the Company's Annual Report on Form 10-KSB filed on December 27, 2007,
and as amended on March 3, 2008, which is on file with the Securities and
Exchange Commission, as well as the Company's other SEC filings. Should
one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information. The Company does not undertake
any obligation to release publicly revisions to any "forward-looking
statement," to reflect events or circumstances after the date of this news
release, or to reflect the occurrence of unanticipated events, except as
is required under applicable securities laws.

Cautionary note to U.S. Investors -- The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings with
the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms on this
website (or press release), such as "measured," "indicated," and
"inferred" "resources," which the SEC guidelines strictly prohibit U.S.
registered companies from including in their filings with the SEC. U.S.
Investors are urged to consider closely the disclosures in our 10-KSB
which may be secured from us, or from the SEC's website at
http://www.sec.gov/edgar.shtml. This press release may contain information
about adjacent properties on which we have no right to explore or mine. We
advise U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S. Investors
are cautioned that mineral deposits on adjacent properties are not
indicative of mineral deposits on our properties.

Contact:
Brad Long
Director of Investor Relations
Colorado Goldfields Inc.
866-579-2434 or 303-984-0524
http://www.cologold.com

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